Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1887-06-08
FLOURISHING MAINE.
Bank Examiner Richards' Happy Ex.
hibit of Maine Savings Banks-Depos.
its Increasing, Surplus Running Up and
More Backbone in General.

RocKPoRT, June Z.
From the results of the first examination
FOR 1887 of the savings banks and trust COM
panies OF Maine, as made BY Fred E. Rich
ards, Esq, bank examiner, we learn that
the amount Of deposits in the fifty -four saw
ings banks May l, was s3s PA, ,47O. SO, an in-
crease in the six months then closing of 81.
O32, ,39949. During the same period the re-
served fund has increased s52, 1884. .67 and
amounts to 81 All, ,629.27. The first exam.
ination of the banks in 1886 showed tha, the
value OF their assets exceeded their actu,l
liabilities BY s4,5s3,7l9 70; The exam nation
just concluded shows this excess TO he 81
231 ,OO4 80. gain in surplus during the wear
of 1858, ,285 l6 Thi> increase comes almost
WHOLLY from the arprrciIti"i in the market
value If securities, the choicest bonds hav
ing made the gr-as, 81 a.ivAnce.
through the Efforts vi It committee con-
sis'ing of +. A. Noyes, WIN, Mou.ton aud
L. IL. Haskell, the dfarted bonds of the
city of Evansville, Ind, have been exchany-
ed tor refnnding bond bearing a lower rate
OF interest which will undoubtedly be paid
Investments have generally been made
-''' $500 N'''N "i'u uisposhiou 10 acquire
the bonds Of counties, eities, towns and cor
porations Of our own State is rapidly increas.
ing.
In the matter of paving dividends there is
no competition between banks, bat an appar-
ent emulation as to the character of the se-
curlties which constitute their assets aud in
creasing the strer 9Th of the several institu-
tions.
The Peoples Trust Company If Farming,
ton has had wonderful growth, increasing
its deposits during the year from Sll4,24I.l4
to 1884 643.0S. II has a large line of Quick
assets, convertible on the exchanges of Bos-
ton and New York
Loan and building associations " ere by the
legislature at its last session made subject to
the same supervision as savings banks.
AT the commencen. ent of the year there
were four of these associations located as
follows:
Bangor Loan and Building Association,
Bangor, 223 shareholders, 4S7 shares, amount
of loans $3.50; Dexter Loan and Building
Association, Dexter, 100 shareholders, 326
shares, amount of loans. $1,000: Peoples
Loan and Building association, Richmond,
i5o shareholders, 665 shares, amount of loan
S47 400; Somerset Loan and Building Asso
| citation, Skowhegan, ~ shareholders, 1877
shares, amount of loans SS605
During the last six months certificates of
authorization have been issued by the bank
examiner loan and building associations 10.
Gated at Gardiner, Madison, Waterville, Au.
burn and Foxcroft.
The examiner is of the opinion that these
associations should be encouraged in all
cities and in the manufacturing towns where
large number of workmen are constantly
employed. The influence of thess associa-
tions is toward each family becoming hold
ers of real estate to the extent of owning
their homes and the tendency is to make
everybody actively interested in the prosper
ity of the city or town in which they reside
Since the year commenced .hree of the
nine banking institutions chartered by the
last legislature have notified the examiner OF
their organization, viz. The Northern Bank
ing Co. of Portland, the Eastern Loan and
Banking Co. of Bangor, and the Oxford Loan
and Trust Co. of Norway. Each OF these
corporations has full paid up capital stock
and all have started business under the most
promising auspices.